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    Home » UK GDP Eases to 0.8% Growth in May as Chip Shortages Bite Manufacturing
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    UK GDP Eases to 0.8% Growth in May as Chip Shortages Bite Manufacturing

    July 9, 20211 Min Read
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    The UK economy hit a four-month expansion after dipping to a growth of 0.8% in May
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    The UK economy hit a four-month expansion after dipping to a growth of 0.8% in May, down from 2% in April and 2.4% in March.

    • UK GDP is now 3.1% below those of the pre-pandemic levels in February 2020.
    • The services sector was the leading contributor to economic growth, with an expansion of 3.2% in May.
    • The production sector jumped by 0.8%, with electricity, gas, steam, and air conditioning supply leading growth by 5.7%.
    • Manufacturing remained unchanged, while the construction sector contracted by 0.8%, but was the only one to hit the pre-pandemic levels.

    UK’s GDP has now expanded by 3.6% over the three months to May on strong retail sales due to economic reopening.  

    FTSE 100 is up +0.74%, GBPUSD is up +0.36%Source: Office for National Statistics

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